executive to do things that congress could never do. they have to get that power back. >> martha: thanks. what a great group. great to have you with us. we're waiting. the president was suppose to come out a half hour ago. have a wonderful fourth of july. see you next week. >> when i say cancel, you say all of it. >> students loan relief is legal. it is a promise from president biden. we will never ever ever stop. >> don't tell us to pay your bills. i need money to pay my bills. >> we did not come here to talk about the cancellation. we didn't come here to talk about it. we came here to demand it.

>> neil: demand all they want. the supreme court has ruled against the president's loan forgiveness program. a lot of folks not happy about that. there's options to make the payments more affordable or come up with some other solution. we're expecting to hear from the president of the united states on that. welcome. i'm neil cavuto. shannon bream has had a busy day. tell us what's going down. >> let's talk about the student debt relief program that the supreme court 6-3 said cannot move forward. the chief justice had this to say. >> that's what the court found here. they said essentially they're waiving away $430 billion in executive loans. dissenting justice kagan said the statute does give the

secretary broad authority to relieve a national emergency's effect on borrower's ability to relieve. the secretary did that. clearly the two sides saw this differently. the bottom line strawberry that program, which the president had expressed it being illegal, the speaker of the house said it was not legal. the court, the supreme court agrees and it means if you've been in limbo and waiting, you're not going to get it waived away based on what the president said. >> neil: let's see what the president is going to do. right now the president of the united states. >> many people feel discouraged and angry about the court's decision on student debt. i must admit, i do, too. before i tell you the steps we're going to take, i want to talk about what we've been able to achieve so far on student loan over the past few years. first, we made the largest increase in pell grants in over a decade helping students from

families nearly all make less than $60,000 a year. then we fixed the so-called with the help of the department public service loan forgiveness program. so the borrowers who got in to public service such as school teachers, police officers, social workers, service members, you know, they a you'lly got the debt relief that they were entitled to under the law. before i came to office, only 7,000 people had benefitted from that program. today over 600,000 borrowers have received relief from that program. it's still available. so many people, so more people can be held. i encourage you to apply. go to studentaid.gov. it matters. my administration approved a program on income driven repayment plan. that's what it was referred to

as. we set a limit, student borrowers would pay no more than 10% of their disposable income to pay back their debt in any one time. my administration is going to reduce that to 5%. it's now the most generous repayment program ever. no one with an undergraduate loan today or in the future, whether from a community college or a four-year college will have to pay more than 5% of the disposable income to repay their loan. that is income after you pay for the necessities like housing, food and the look. typical borrowers will save about $1,000 a year. if you keep up payments for 20 years without missing them, your debt is forgiven after 20 years. that's what the program was before. but we just reduced the 5%. in addition to that, last year i announced my student debt relief plan. the plan that was on the verge of providing more than 40 million americans with real debt relief, up to $10,000 from any

borrower is now up to 20,000 for those that have gotten a pell grant. nearly 90% of the relief has gone to bore rowers, 90% of it making less than 75,000 a year. and no one making over $125,000 would qualify. this program was all set to begin. the website had been set up. the applications had been simplified. so took less than five minutes to complete. notice had been sent out to people about the relief they were eligible for. 16 million people had been approved. the money was about to go out the door. and then republican-elected officials and special interests stepped in. they said no. no. literally snatching from the hands of millions of americans thousands of dollars in student debt relief that was about to change their lives. you know, these republican officials just couldn't bare the thought of providing relief for middle class americans.

republicans and state officials suit my administration attempts to block relief including millions of their own constituents. republicans in congress voted to overturn the plan. everyone, didn't have any republican votes for this plan. the same time, think about this. we all supported the paycheck protection program. remember that? ppp. you know, which was designed to help business owners that lost money because of pandemic. it was a worthy program. let's be clear. some of the same elected republicans, members of congress that strongly opposed giving relief to students got hundreds of thousands of dollars themselves in relief. members of congress. because of the businesses that they kept open. several members of congress got over a million dollars, all those loans were forgiven. you know how much that program cost? $760 billion. my program is too expensive? $360 billion more than i

proposed in my students debt relief program. i was trying to provide students with 10 to 20,000 of relief by comparison, the average amount of forgiven in the ppp loan program, average amount forgiven was $70,000. now a kid making 60,000 trying to pay back his bills, asking for $10,000 in relief? come on. hypocrisy is stunning. can't help a family making $75,000 a year but you can help a millionaire and you have your debt forgiven? my plan will not only have been life changing for millions of americans, would have been good for the american economy. millions of americans freed of the crushing students debt. more homes would have been bought. more businesses would have been started. more couples would have started a family. millions of people would have gotten on with their lives. these republicans blocked that.

now in addition to the hypocrisy, some of these republicans are shamelessly pushing to advance a bill in the coming weeks that gives hundreds of billions in tax breaks and handouts to the wealthiest americans. they still haven't given up making permanent a $2 trillion tax cut that they never paid for. $2 trillion. let me be clear. republicans in congress, it's not about reducing the deficit. it's not about fairness and forgiving loans. it's only about forgiving loans that they have to pay. today the supreme court sided with them. i believe the court's decision to strike down my student debt relief program was a mistake, wrong. i'm not going to stop fighting to deliver borrowers what they need, particularly those at the bottom end of the economic scale. we need to find a new way. we're moving as fast as we can first, i'm announcing a new path consistent with today's ruling

to provide students debt relief to as many borrowers as possible as quickly as possible. we will ground this new approach in a different law than my original plan. so called higher education act. that will allow secretary cardona who is with me today to compromise, waive or release loans under certain circumstances, this new path is sound. it's going to take longer. in my view, it's the best path to provide debt relief. i directed my team to move as quickly as possible. moments ago, secretary cardona took the first steps. we're not going to waste time on this. we're -- it's going to take longer but we're getting on it right away. second, we me what many borrowers will need to make their hard choices, which their budgets are being strained right now when they start to repay their monthly loan payments this fall. you know, we know that figuring

out how to pay these expenses can take time for borrowers and they might miss payments on the front end as they get back into repayment. normally this can lead them to f fall into default. that will hurt financial security. it's not good for them or the economy. that's why we're creating a temporary 12-month what we're calling on ramp repayment program. this is not the same as a student loan pause. it's been in effect the past three years. monthly payments will be due, bills will not go out and interest will be accruing. during this period, if you can pay your montly bills, you should. if you cannot, if you miss payments, this on ramp temporarily will remove the threat of default or having your credit harmed which can hurt borrowers for years to come. because the department of education won't refer borrowers. the reason that will not work, they won't referboroers that

missed payments to credit agencies for 12 months to give them a chance to get back up and running. let me close with this. our republican officials say student loan relief is a give away to the privilegen't. hear that loud now. the privileged. i love the concern for the privileged. but i know who students loan borrowers are in this country. so do you. a couple putting off having a child until they can find their way to get their debt. that's who they are. young people putting off buying a first home. hope on the horizon thanks to relief that i planned last year to today's court decisions snatches it away from them. i get it. i get it. i hear, this i'm concerned about it. today's decision closed one path. now we're going the pursue another. i'm never going to stop fighting for you. we'll use every tool to get you the student debt relief you need

and reach your dreams. it's good for the economy. it's good for the country. it's good for you. thank you very much for listening. we'll get this done god willing. thank you. >> mr. president, why did you give millions of borrowers false hope? you doubted your own authority here in the past. >> i didn't give any false hope. the question was whether or not i would do even more than what was requested. what i did i thought was appropriate and was able to be done and would get done. i didn't give borrowers false hope. the republicans snatched away the hope that they were given. it's real. real hope. thank you. >> will you cancel student debt? >> did you overstep your authority? >> the court misinterpreted the constitution. >> [question inaudible]

do you admit there were mistakes during the withdraw and before? >> all the evidence -- remember what i said about afghanistan? i said we would get help from the taliban. what is happening now? what's going on? read your press. i was right. thanks. >> so the report about the withdrawal -- >> neil: okay. couple of things before i expand on this. the president saying he's going to continue his effort to find relief for those who are shackled right now with student loan debt to the tune of $400 billion. the supreme court shot that down today in a 6-3 vote that he couldn't do it. that he was going against the constitution and using something called the hero's act of 2003 that provides grants to wedge this move in so that student debt could be forgiven. no less than nancy pelosi herself said a president can't

do that. it's up to congress to do that. so while the president was blaming republicans for this sort of falling apart, it really started with nancy pelosi. it was her arguments on the house floor that was used in the majority opinion to shoot this down. secondly, just want to explain a couple of things. the president is talking right now about rejiggering this so student debt relief can still go forward working through his education secretary, miguel cardona. that plan will work through the programs that we already have. student debt relief program we already have. but some say it's sort of like moving a shell game here when it comes to what programs are available and what you can use. the fact of the matter is, the president did overstep his bounds. you don't have to be on the right or left about this. a lot of his people knew it was a hail mary pass and department pan out. this was not a republican pile-on here. this was a big concern on the part of many what you do for

some, you're not doing for all and loans that you're forgiving for some don't recognize those that don't go to college at all and don't get any help. those that are working and don't get relief to buy, let's say a tractor on a farm or equipment that they need in a profession if they're a machinist or electricians. they were being side stepped by kids falling behind on their debt and getting stuck with the will. the bottom line and failed and failed miserably. now the issue is where do with go from here. mark meredith with more on that side of the story. what are you hear something. >> the most notable thing to come out of the president's comments just a moment ago is what is the next step for the white house and the americans. the president says that the administration is going to look to rely on something from 1965. the higher education act, which through the department of education will start to make exceptions for some student loan relief. we don't know how that process is going to work. sounded like the president admitted that it's going to be a bit complicated.

it's not like starting august 1, this is what we're going to do. they have to set up criteria. the department of education will work through applications. all of that is likely to be challenged again. it starts all over. so for the people worried about their student loan repayments, those are still looking to kick in to effect starting in october. that would be the first bills that would be due. the other notable thing that the president said moments ago, they're going to use the so-called on ramp that the department of education is not going to report people who default on their loans or don't make the payments right away starting in october. they're going to give people up to a year to get used to having to make payments again. seems like putting an -- extending this longer. i don't know that will be challenged by the states that brought these lawsuits. the other thing as you mentioned, the president seemed to want to pick a fight with congressional republicans instead of the supreme court. if this had gone through congress, likely we wouldn't be here. the president saying this is hypocritical and when he kept

pointing out this happened after the covid relief money, that was money that congress earmarked and the prior administration signed in to law. this was different. this was done by the executive pen. republicans came out clearly to say this president like you said may have overstepped his bounds. mitch mcconnell saying this equal to socialism in his book. i thought polling was interesting. the president of the united states cannot hijack 21-year-old emergency powers to pad the pockets of high-earning base and make suckers out of the working families that chose not to take on student debt. mitch mcconnell said the court's decision deal as heavy blow to democrats distorted and out sized view of executive power. so while republicans are saying that they were trying to protect the role that congress has here, the white house is ready to say this is a battle between the rich and the poor. the other question, neil, how much of this is an issue in next year's campaign. the polling was mixed on this. the people that were going to benefit were happier with the

plan. the americans that didn't go to college and paid down their debt already, they took out private loans, maybe they wouldn't be as impacted by this and didn't feel the need. the president speaking to jacqui heinrich in the room. she shouted the question, did you fail these people. he said no, pushing the blame on congressional republicans. we'll see if the american people feel the same way. neil? >> neil: this was going to forgive up to $20,000 worth of college debt for those earning up to $125,000 a year. many when they started parsing through that were thinking, wait a minute. that is far from everybody let alone people that weren't going to college or didn't fit the criteria to get this. so he was angrying a lot of people that say this was unbalanced and unfair. he said it set expectations beyond those that wanted their college loans or some forgiven to others that might be in

training schools, vocational sch schools. >> you're right. the white house said there would be a certain of group of americans that would benefit from this. the president was interesting in taking a swipe at the relief that was provided to businesses through those ppp loans back at the height of the coronavirus pandemic which congress authorized and signed in to law. this is different. this is done through the department of education and challenged through the states. the white house seeing a reason they felt like this would stick with the middle class, the middle class voters would be energized by this and providing other options here. i'm curious what the higher education act planned that the department of ed would roll out would look like. would it be the same number of americans would qualified? how quickly will the education department get answers? if the loans do start in october, the first payments would be due, would people be waiting we'll see what happens or will they make the payments without -- with over fear that

this could impact their economic situation a little further. neil? >> neil: yeah, or just being going from the frying pan in to the legal fire here. thanks, mark. i want to go to shannon bream, a great later. this is compared to the paycheck protection program. that was born of a disease that was crippling the entire world. businesses were entirely shut down. they couldn't open their doors. there's a big difference between that and a student that falls behind their balls. the idea thats justified for them should be justified for these students. it didn't add up. >> yeah, critics of that will say the student loans are what people entered in to get something in return. many borrowers will say the interesting ended up in a bigger hole than i thought. those were done voluntarily.

the situation we were in during the pandemic, others will argue, these were emergency life lines for people that didn't want to find themselves in these situations. i thought mark made a great point, if the president is going to congress for any of this really seemed to pick a fight. he said when he came up with this plan, to suspend the student debts and wipe out and forgive the loans that the gop just couldn't stand the thought of helping the middle class. shoe we know what the line is going to be. he will be out there on the campaign trail saying this is a maga, look what they have done. that's why i need another term. former president trump is saying look what happened had the supreme court. you're welcome. i gave you three of these justices. it's something that will be used on the campaign trail. the current president will say i tried to get you this help. the courts stopped me. i going to find another way. again, the court said today under the hero's act, that's all that is before us. what the secretary did was akin to rewriting the entire statute.

it wasn't making a waiver or modification in the courts estimation 6-3. they said the executive branch has gone too far. so if the executive branch now, the president trying to find another way to do this that also comports with today's decision may end up back at the supreme court. that's a long journey. meantime, we have the run for the white house next year. >> neil: as i understand it, he will examine what he has for the higher education for students act of 2003. maybe attach to that what he couldn't with the hero's act. seems like a desperate move that he knows legally he has little odds of succeeding. >> then he can say i didn't give the false hope. i was trying to do something and it the gop maga and the court. these are the people that are taking away the hope and taking

this away from you. if he try as path with the higher education act, it equates to the same thing. the court says getting rid of a mass debt of $240 billion is more in the purview of congress. we'll see what the new plan is under this different statue. the court's reasoning may be the same. if they think this is something that the executive branch doesn't have the power to do, we'll see how this rolls out. i imagine if it is what the court struck down, we'll see legal challenges from the white house. >> neil: it was nancy pelosi's argue against a president doing this that ended up being the galvanization for the justices that voted to overturn this move. we're waiting -- thank you, shannon -- at the white house, may gel cardonas will expand on this idea to provide another venue to age college kids of

their debt. john yoo, served as a law clerk with justice thomas knows of what he speaks. john, if you can explain to me, just seems like another legal bounce here to go from hanging on hero's act to hanging on something else a student debt relief program that wasn't geared or meant for this. it could meet the same fate. i'm not saying all the way up to the supreme court, but legally dicey. >> neil, it will meet with the same fate as the case today. you have to ask president biden and his administration, if you've got a good law that allows you to cancel students debt, why did you waste everybody's time for the last year and not rely on the law in the first place? the reason why is because as the court made clear -- i want to say, the court is reminding us of a very simple truth. yesterday you and i said that yesterday was the constitution

is color blind. today the truth is congress has the power of the purse. the president doesn't have any constitutional power to spend money unless congress authorizes it. notice president biden's comments just now, he never addressed the constitutional issue. he made a pitch as if he was asking congress to pass his debt program. he never mentioned that the court doesn't take a position on whether a debt payment program is good or bad. all they're there to say is it's congress' job to decide whether to spend $400 billion in students debt relief. in the biden administration just tries it again, the court will say again, we see no cleared law that gives the president that kind of spending authority. you can't stretch and twist the existing laws to try to get there. >> neil: john roberts was joined by five justices that the

president had gone a step too far and a legal level too far. speaking for the conservative majority, john roberts said that the secretary asserts that the hero's act grants him the authority to cancel this $430 billion in student loan debt. we hold, he says today, that the act allows the secretary to waive or modify existing statutory or regulatory provisions under the education act, not to rewrite that statute from the ground up. isn't what the president is thinking here rewriting a statute within a program that doesn't call for it? >> neil, you're getting good. that is the exact phrase that will come back when they try this again. the court is saying, we see

nothing in any law that authorizes the cancellation of student debt. the only thing we see is a law passed in 03 that says you can modify, waive. the whole point of that law -- i was around in the government at that time. if you got called up for service, you wouldn't have to -- and got sent to afghanistan or iraq, you wouldn't have to be paying your student debt until you came back. that statute doesn't say you can eliminate it. it's simple bipartisanpassed by large majorities. the supreme court said there's nothing in any laws that we've seen that says you can cancel $400 billion. we're going say go back to congress and get a clear statement that you can do that. >> neil: let me step back. the president's reaction to this he wasn't happy. i don't know if he'sn't happy as much as the a fffirmative actio decision where he referred to

the court as not a normal court. he didn't say that today. he just disagreed strongly with it. this gets to be a common response and refrain from the white house these days on this obviously conservative court's series of decisions. three in the past week went against him. what do you think of how he reacts -- this is maybe more i want your view as a lawyer knowing the system as you do. we do have three branches of government. we have to accept what each does. sometimes not happily. but to say as he did yesterday, it's not a normal court. what do you think? >> yeah, i got this new book out this week called "the politically incorrect guide to the supreme court." this is a great pitch for it. we trace the history of attacks on the supreme court. the last two years, you have seen these unprecedented assaults on the institutional independence of the supreme court by progressives who are

angry with decisions like dobbs from last year, about abortion. or gun rights from last year in bruin. or new in this case against affirmative action and now students loans. you've seen progressives propose trying to pack the court, add more members, trying to cut back on the kind of cases they're allowed to decide. now proposals for investigations of justices, making it easier to recuse from cases. we haven't seen this kind of attack since the court decided brown versus board. these attacks were launched by southern segregationists or the new deal when fdr tried these attacks on the court that wanted to start up for contract and property rights. i predict after these losses this last two years, we'll see enhanced attacks on the court by progressives. >> neil: and there's going to be a white house briefing that will include the education secretary, miguel cardona expanding on what the white house plans to

implement this idea of postponing or forgiving some student loan debt. i don't know where that will go. what was at issue here is the role of a president. he can propose, he can delay repayment, he can freeze payments and not just by himself but for, you know, acts of war, you're going to war, the serviceman going to afghanistan. he can't start cutting it, right? >> that's right. i think there's a difference that we should understand presidential power. presidents have great power in waging war, conducting foreign policy. when it comes to spending money, domestic programs, it's congress' job. >> thanks, john. to the white house briefing right now where they will outline what they plan to do next. >> as you know, you just heard from the president. so before we go there, i want to talk about a few things at the top. i'll hand it over to our two guests. first, we are deeply

disappointed in the supreme court's decision today in 303 creative which takes our nation back in the fight for equality. this decision undermines the basic truth that no american should face discrimination for who they are or who they love. it's even more disappointing as we close out pride month today, it chips away at a longstanding lous that protect all americans against discrimination and public accommodations including people of color, people with disabilities and people of faith and women. while the court's decision expresses original designs as president biden said, we're concerned the decision could invited more discrimination against the lgbtq + community. we know that when one group's dignity and equality are threatened, the promise of our democracy is threatened. we all suffer. the administration will remain focused on enforcing federal

anti-discrimination protections and the president will continue to call on congress to pass the equality act. now, second as we head in to july 4th, the death of transportation and the faa are working closely with airlines to help minimize flight disruptions from extreme weather. airlines recovered from earlier this week except united which expects to return to normal tomorrow. we will continue to keep a close eye on all of this and we want to remind air travelers to go to flightrights.gov to see what you're entitled to if your flight is cancelled or delayed. finally, as you know, we do the week ahead fridays. because it's 4:30 on a friday going into a holiday weekend, we're going to send the week ahead through a pool note before the end of the day for sure. before i move on, i want to acknowledge someone in the room who you all know very well. who has been a friendly face.

that is ed lewis. ed is retiring today after 25 years as photographer for fox news and 14 years at cspan. [applause] in his career -- hi, ed. in his career, ed has covered every president since ronald reagan, right? not to age you, my friend. i know he's a friend to many folks here around certainly many folks on my team. he always has a smile every time i see him. he always waves, smiles and gives me a thumb up. i give you a thumbs up back to you, my friend. i know many of you have seen him traveling, carrying 13 bags or something like that at once. incredibly impressive.

thanks for being a joy to work with. i hope you are -- you will enjoy more time at the tee following your last day here. we will truly miss you and thank you for just always being a friendly face. we do, the team, decided to get you something. so here you go. can you step away for a second or do i have to -- i can come back. [applause] very excited. okay. now i'm going to turn it over the secretary cardona who will saw a few words about the plan that the president announced today after the supreme court decision and of course barat is

here to take any questions as well. mr. secretary? >> thank you. >> good afternoon. in the last 48 hours, our country has been setback in terms of providing equity and access in higher education. as you heard from the president today the supreme court ruled against more than 40 million working families. let's be clear about who would have benefitted from the president's student debt relief plan. nearly 90% of relief would have gone to borrowers making less than $75,000 a year. 20 million americans would see their debts drop to zero with 20 million more seeing lower payments. this would mean fewer borrowers following in to default when the pause ends. we're not taking about the millionaires that benefitted from the tax give-away. we're talking about lower and mim income families recovers

from the worst pandemic in a century. i strongly disagree with the court's decision. i want to assure our students and borrowers and family as cross america our fight is not over. we're taking action. the president, the vice president and i have put borrowers first from day one. we refuse to go back to the way things were before the pandemic when a middle borrowers defaulted each year and faced devastating financial consequences. so let me tell you about the actions we're taking today. number 1, we're going to open up an alternative path to debt relief for as many borrowers as possible as quickly as possible. but we acknowledge the court's decision. we begin the negotiated rule-making process with compromised authority today. more information on the new regulations will come out shortly. number 2, today, we are rolling out the most affordable income driven repayment plan ever. this new plan is called saving

on a valuable education. save. it will cut monthly payments in half for all undergraduate loans. it will cut payments to zero dollars for millions of people making less than $33,000 a year. all other borrowers will save at least $1,000 a year. this plan will stop run-away interest and its not going to require you to pay more than you can afford. number 3, as the president mentioned, we're creating an on ramp for repayment for up to one year for those that need it. this means although interest will accrue starting september 1 and payments are due starting october, we'll help borrowers struggling to help makes payments avoid harsh financial consequences like delinquencies and wage garnishments. borrowers that can make payments should. i disagree with the decision

from the supreme court. today the court substituted itself for congress. it's outrageous to me that republicans in congress and state offices fought so hard against a program that would have helped millions of their own constituents. they had no problem handing trillion dollar tax cuts to super wealthy and many had no problems accepting millions of dollars in forgiven pandemic loans. he represents 489,000 eligible borrowers that were turned down today. representative brett guthrie from kentucky had 4.4 million forgiven. he represents more than 90,000 eligible borrowers that were turned down today. representative margie taylor greene had more than $180,000 forgiven.

she represents more than 98,000 borrowers that were turned down today. i want all the students and borrowers to know that we won't stop fighting for you. you should earn a college education without student debt and accountability, fixing public service loan forgiveness and going after predatory college in addition to increasing pell grants. today we approved $66 billion in targeted loan forgiveness and we're not going to stop fighting. we cannot allow the setbacks of yet and today to stop us from reimagining a better

i have to go through what's called a rulemaking process, which may put this well into pass the elections next year. they may not be able to get it done in time to from what secretary cardona said. it sounded to me like what the main emphasis is going to be as not cancelation of student debt but allowing more generous repayment terms. for example, you mentioned if you have income, that's not very not enough to cover certain percentage of the loans. maybe

the payments can be stretched out. but it's not cancelation as far as i could tell, and that might be an important point, neil enough to cover certain percentage of the loans, maybe the payments -- the federal government gave out $400 billion in loans and expects it to be paid back. that's a decision of congress. congress has passed statutes that has made it easier to pay back loans. that's not to the point of cancellation. that is still congress' decision, especially when so much money is at stake. >> neil: i go back and raising this with shannon bream, this idea of comparing the ppp program, the paycheck protection program that came about because of covid. it's shutting the world down and all commerce down and all businesses down that could have gone out of business had it not been for a means, a federal means by which to keep them going. to keep their workers employed.

that was, you know, something unexpected that changed the world and seemed to be a good justification. not many people are keen on government stepping in but a good use and justification for it. in this case, students and those that took out these loans went in knowingly doing so without any impending disaster. it didn't seem like a valid comparison especially when the president was saying what we did for these businesses we can't turn around and not do for these kids. it seemed goofy to me. >> let the report show, i'm never going to disagree with shannon bream. she knows what he's talking about. there's some important differences here. first, it seems illogical to say oh, since the paycheck protection program was so sloppily done, we should make student loans sloppy and padly done, too. it's wrong. every federal spending program should be sloppy and badly done

so it matches ppp? the more important point, neil, ppp was done during the middle of the covid emergency when we were trying to keep people alive because the economy was completely shut down throughout the country. so of course, there's mistakes. it was an emergency. when we have an emergency, sometimes it's more important to act quickly than perfectly. student loans don't have that feature. there's no emergency during the time that student take out loans. i found at berkeley, there's many students that are rationale about their finances and think hard. they're changing crashed toss get a 1% wetter interest rate. i'm sure they think hard about the students debt and whether it worth it. i don't think they have the same issue. it still brings you back to the constitutional issue. those arguments according to the supreme court should be made to congress. if that's the case, if it unfair to give buses this out and not

students, then make congress take a vote. they are accountable in elections. the president doesn't have the power or the purse. again, simple clear truth about the color blind constitution yesterday. today is congress makes all the spending decisions in our country. >> neil: no you can argue for students why we were robbed of this aid and looking at this relief that we provided after covid. you know, just the money that was lost or misappropriated or stolen or whatever that went no to hundreds of billions of dollars which would have been the cost of this program. students say we wasted more. >> now they haven't been paying any student loans since the

covid outbreak. so they have already gotten a benefit until the supreme court decision today. again, these are the decisions you make to congress. congress is the one that is in charge of taxes. they decide what to spent money on. this is just another appeal -- >> neil: john, i'm going to interrupt you. jacqui heinrich is addressing the secretary. let's go back to the conference. >> had the authority on the hero's act. the hero's act made it clear, the authority to modify or waive. the supreme court saw it differently. we're moving forward 92 another path and going to put the best legal argument forward to provide relief for borrowers. that's our focus. >> you think this court will see eye to eye with you? it's the same court. >> we're going to keep fighting and put the best argument forward. did you want to talk about a bigger plan? >> sure.

i just want to add one thing on that question. it's -- we're just beginning the rule-making process now. there's time to craft the exact proposal under this new legal authority. one thing of course that we'll keep in mind is how this plan is going to be received by the courts. what the president believes is that if his lawyers who are all highly qualified attorneys tell him that a path is legally available, he's going to trust them and we're going put our best foot forward to defend it. what i'd say to borrowers is that we're taking action on multiple fronts to help them in light of the supreme court opinion today. there's the 12 month on ramp to repayment, which is going to be a real benefit to borrowers that may be having trouble getting started again on their repayments and who may have to skip a payment or two because they need to get their financial situation together. previously they may have been put in to default or seen a negative mark on their credit report. that's a real benefit to the

borrowers. as the secretary said, i don't want people sleeping on this. this plan that was rolling out today is a huge deal. it's going to save the typical borrower $1,000 a year on their loan repayments. somebody who is making 50, 60,000 a year will see a substantial savings and may end up paying zero dollars in their monthly payment because of this new program. by the wayed, one concern that people have had about the income based repayment program in the past, if you make the smaller payments, your balance will grow over time. one of the reforms is making sure it doesn't grow even though you were making a payment each month. it's a big deal for curre currentboroers and future borrowers out there. that's not a substitute for debt relief but a huge benefit forboroers this summer. we encourage people to sign up

for it. >> you talked about the timeline on this. >> neil: all right. you have been lining to jacqui hei heinrich. i don't know what new math they might be using. hi seems to be sending the message that this relief will be built in to help future borrowers where they can find a month without paying anything or they say the $1,000 a year, i can't tell whether that is a 0% loan program. doesn't strike me that or low rate program period that would mean they would never be upside-down on the payments. if you skip a month or two months or paying less, your overall debt is not going up. presumed there's some rate attached to that debt that would add to that debt. you heard of these programs when you buy a car and they extend it out over five years or seven years. your interest costs will be more than if you paid back sooner and stuck to the original terms of

the loan. i don't know the math that they used in here to come up with what could be a great miracle if they can pull that off. again, i could be missing that. i do want to look at the political implications. the administration is saying to students studentsboroers. we're with you today. we know there's millions of you counting on this relief materializing. this $400 billion relief that we were looking at. it works out about $432 billion. and that this would be money well-spent. now that is not happening. so they're blaming republicans, republicans are saying it was an ill conceived program from the start and often quoted nancy pelosi as the reason it should go nowhere. she's the former speaker that said years ago, it's not up to the president to start cutting

monies that only congress can decide. bob cusack, the editor hill in chief. is in a 2024 issue as you see it being laid out here? the administration is not going to let this tie quietly. they think they have a good issue here. do they? >> i think they do. but it depends, neil, if they can really turn this frustration from people that wanted the white house to win this ruling. and the white house and the senate are up for grabs in 2024. so democrats i'm sure will try this legal maneuver. i don't think that will work. then it's going to turn into a campaign message. give us the house, senate and white house and we'll get this through. neil, let's be honest here, the reason why the white house did this administratively, they didn't have the votes in congress. we've seen prior presidents do that.

obama did that on the dreamers. the court pushed back. other presidents have tried this. obviously with this supreme court, it's not surprising that it didn't go anywhere. >> neil: i am curious, bob, in light of this latest development how the administration is playing it, i'm sure, you know, many of these 25 or 26 million borrowers that had applied for automatically were approved for this loan forgiveness, they're angry. this 26 million strong. let's say they're all upset this isn't coming. but there's tens of millions more americans that weren't going to be part of this anyway. many who weren't going to college or those that were faithfully paying their bills and their loans are saying now wait a minute. it ticks me off that he's catering to them. how does that play out? >> it's interesting, neil. as you know, some issues favor democrats, some issues favor republicans, this issue, both parties think they have the advantage. because that is the argument

from republicans. what about those that already paid off their students loans. getting them out to vote. at the same time, there's such from you efrustration that the voters won't vote. that's the real concern of democrats now. >> neil: all right, bob. thanks. people that have an active interested in this, tim. he's a 29-year-old student with loans. support the forgiveness program that the supreme court shot down. tim. ricky is not the same thinking here. against the student loan forgiveness program. so guys, you have very different views on this. tim, i began with you. you were probably hoping this would be approved by the supreme court. it wasn't.

what do you think now? >> you know, the forgiveness like this would have made a huge impact on my financial stability and my life. if you look at the pause over the last three years, i've been able to save around $10,000 to $12,000. that was the down payment on a house i just purchased. so these things have a real impact on individuals like me who are young, working class millennials trying to make a future for ourselves. >> were you counting on that money, tim? >> i wouldn't say i was counting on it. i was not sure it would happen. i was looking forward to it. >> got it. ricky, your thoughts on this and whether the court -- i think you had done the right thing. many like tim said this is the wrong thing. >> i'm sympathetic to your situation. my biggest progress, there's nothing to prevent the next generation of kids from doing the same thing and ending up in the same position.

as a member of genz, a lot of us are turning away from college, myself included. i'm a dropout. i think this needs a deeper reform than what the biden administration is trying to do with this band aid. >> neil: too much has been side whatever relief we provide, college tuition and room and board goes up. and college tuitions have been running three times the established inflation rate for the last 35 years or so. so it is a gapping wound that can't be solved by this decision. does that worry you going forward? >> it does. i honestly completely agree. you know, i wish the biden administration and the other administrations would do more. why are interest rates so high? i would they'd do something to cap them. and to help -- a lot of the conversation has been around students loans but to help

working class, you know, americans find other relief for other types of debt. credit card debt, mortgage debt and those kind of things. >> neil: you know, from your vantage point, republicans are working on a fix. democrats are working on a fix for this, presumably anticipating this court decision. one of the fixes says we will only maybe look at giving loans to students who are going in to money-making fields or have a good chance of paying off. if you go to engineering or business or finance or in the medical field or computer science. that kind of thing. that almost guarantees you'll make enough money when you graduate to pay these loans. if you go into philosophy or dare i say a journalism, you're out of there. what do you think of that? >> i think that's a completely fair proposal. i also think there's going to be a market correction with young people that are looking at millennials that are struggling to make down payments, crippled by debt. frankly they were put in the

position eat 17, four years out from buying a beer and away to sign away the down payments on their homes. the next generation doesn't want to repeat history. there's one million fewer kids in college than there were prepandemic. a lot of saying there's more than one pathway to success. >> neil: tim, the administration is laying out a plan working through the higher education act. i can get in the weeds. i don't understand it. so if you'll forgive me. just seems to be another means of trying to reheat this thing. i don't know how far it's going to go. doesn't seem likely to go far. what do you think of that? >> yeah, i'm not an expert on the legality of this. to me it toes make a big impact on my vote that they're trying something. i think something needs to be done about this situation. so the option of just taking this supreme court decision and not making any progress, dropping this off, biden made a promise to us as voters. i appreciate he's taking it a step further. >> neil: so you'd reward him on

>> neil: so you would reward him on election day? >> whether interest rates coming down or something like that, you know, that would be a big impact on me. >> neil: what would happen in your life if republicans failed to come up with some alternative to deal with this? >> i do think that a lot of people will vote for biden as a result of the fact that he was caught trying, but unfortunately i think it is nothing more than a cynical ploy to dangle a parrot in people's faces and to toy with the fact that people are genuinely hurting as a result of a system that the federal government put in place and we need a better fix than what the biden administration is providing us. >> neil: this moment will provide that. guys come i want to thank you both, you are both eloquent for your cause is. we will continue to follow what the administration wants to do, how republicans react. we have not heard from them on this latest proposal. we hope to. in the meantime, just putting this in perspective, a week, a quarter, and a half year wrap up, so wall street panicking

about this as showing it come all of the major averages up, look at the data stack for the first day of the year, 32% from its best first six months performance in history. an economy they think is going to continue to take off, student loans notwithstanding. here is "the five." ♪ ♪ >> hello, everybody. i'm joey jones along with judge jeanine pirro, harold ford jr., kellyanne conway, and greg gutfeld. it's 5:00 in new york city, and this is "the five." ♪ ♪ another embarrassing moment for joe biden, the supreme court has struck down the presidents half a trillion dollars student loan bailout program. tand ruling the co